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Contents  

Part I PRELIMINARY

Part II COURT PROCEDURE

Court and chambers

Proceedings

Applications and practice

Affidavits

Security in court

Witnesses and depositions

Warrants, arrests and commitments

Service and execution of process

Appeals

Part III OFFICIAL ASSIGNEE

Report of Official Assignee

Part IV TRUSTEE IN BANKRUPTCY

Part V VOLUNTARY ARRANGEMENTS

Proposal for voluntary arrangement

Interim order

Preparation of nominee’s report

Action on proposal

Procedure for review of meeting’s decision

Completion of arrangement

Part VI PROCEEDINGS IN BANKRUPTCY

Statutory demand

Creditor’s bankruptcy application

Service of creditor’s bankruptcy application

Hearing of creditor’s bankruptcy application

Actions to follow upon making of bankruptcy order on creditor’s bankruptcy application

Debtor’s bankruptcy application

Actions to follow upon making of bankruptcy order on debtor’s bankruptcy application

Interim receiver

Part VII BANKRUPTCY ADMINISTRATION

Creditors’ meeting

Statements of affairs

Examination of bankrupt and others

Settlement of list of debtors to estate

Procedure for proving debts

Quantification of claim

Secured creditors

Taking accounts of property mortgaged and sale thereof

Admission and rejection of proofs

Approval of composition or scheme

Appropriation of pay, salary, pensions, etc.

Disclaimer of lease

Disputed title to property

Special manager

Security by special manager

Distribution of dividends

Part VIII ANNULMENT AND DISCHARGE

Part IX COSTS AND TAXATION

Part IXA ELECTRONIC FILING SYSTEM

Part X MISCELLANEOUS PROVISIONS

Administration of estates of deceased insolvent

Persons of unsound mind

Registers

Accounts and audit

THE SCHEDULE

Legislative History

 
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Action on proposal
Consideration of nominee’s report
80.
—(1)  At the hearing by the court to consider the nominee’s report, any of the persons who have been given notice under rule 72(1) may appear or be represented.
(2)  The debtor shall —
(a)
serve a sealed copy of any order made by the court at the hearing on the nominee; and
(b)
give notice of the making of the order to any person who was given notice of the hearing pursuant to rule 72 but who was not present or represented at the hearing.
Summoning of creditors’ meeting
81.
—(1)  If in his report the nominee states that in his opinion a meeting of creditors should be summoned to consider the debtor’s proposal, the date on which the meeting is to be held shall be not less than 14, nor more than 28, days from the date on which the nominee’s report is filed in court under rule 78.
(2)  Notices calling the meeting shall be sent by the nominee, at least 14 days before the day fixed for it to be held, to all the creditors specified in the debtor’s statement of affairs, and every other creditor of whom the nominee is otherwise aware.
(3)  With every notice summoning the meeting, there shall be sent out forms of proxy.
(4)  Each notice sent under this rule shall —
(a)
specify the court to which the nominee’s report on the debtor’s proposal has been delivered;
(b)
state the effect of rule 85(1), (3), (4) and (5); and
(c)
be accompanied by —
(i)
a copy of the proposal;
(ii)
a copy of the statement of affairs or, if the nominee thinks fit, a summary of the statement of affairs, which summary shall include a list of the creditors and the amounts of their debts; and
(iii)
the nominee’s comments on the proposal.
Nominee to be chairman of meeting
82.  The nominee shall be the chairman of the creditors’ meeting.
Chairman of meeting as proxy-holder
83.  The chairman shall not, by virtue of any proxy held by him, vote to increase or reduce the amount of the remuneration or expenses of the nominee or the expenses relating to the supervision of the proposed arrangement, unless the proxy specifically directs him to vote in that way.
Entitlement to vote
84.
—(1)  Every creditor who has been given notice of the creditors’ meeting shall be entitled to vote at the meeting or any adjournment of it.
(2)  Votes shall be calculated according to the amount of the debt as at the date of the meeting.
(3)  A creditor shall not vote in respect of —
(a)
a debt for an unliquidated amount; or
(b)
any debt the value of which is not ascertained,
unless the chairman agrees to put upon the debt an estimated minimum value for the purpose of entitlement to vote.
(4)  The chairman shall have the power to admit or reject a creditor’s claim for the purpose of his entitlement to vote, and such power shall be exercisable with respect to the whole or any part of the claim.
(5)  The chairman’s decision on entitlement to vote shall be subject to appeal to the court by any creditor or by the debtor.
(6)  If the chairman is in doubt whether a claim should be admitted or rejected, he shall mark it as objected to and allow the creditor to vote, subject to his vote being subsequently declared invalid if the objection to the claim is sustained.
(7)  If on an appeal the chairman’s decision is reversed or varied by the court or a creditor’s vote is declared invalid, the court may —
(a)
order another meeting to be summoned; or
(b)
make such other order as it thinks just.
(8)  The court shall not make any order referred to in rule 7(a) or (b) unless the court considers that the matter is such as to give rise to unfair prejudice or a material irregularity.
(9)  An application to the court by way of appeal under paragraph (5) against the chairman’s decision shall not be made after the end of the period of 28 days beginning with the day on which the nominee’s report is made to the court under section 52 of the Act.
(10)  The chairman shall not be personally liable for any costs incurred by any person in respect of an appeal under paragraph (5).
Requisite majorities
85.
—(1)  At the creditors’ meeting, the creditors may by special resolution approve any proposal or modification thereof.
(2)  Any other resolution proposed at the meeting shall be approved by ordinary resolution.
(3)  In the following cases, there shall be left out of account a creditor’s vote in respect of any claim or part of a claim:
(a)
where written notice of the claim was not given, either at the meeting or before it, to the chairman;
(b)
where the claim or part thereof is secured;
(c)
where the claim is in respect of a debt wholly or partly on, or secured by, a current bill of exchange or promissory note, unless the creditor is willing —
(i)
to treat the liability to him on the bill or note of every person who is liable on it antecedently to the debtor, and against whom a bankruptcy order has not been made (or, in the case of a company, which has not gone into liquidation), as a security in his hands; and
(ii)
to estimate the value of the security and (for the purpose of entitlement to vote, but not of any distribution under the arrangement) to deduct it from his claim.
(4)  The decision whether a vote is to be left out of account under paragraph (3) shall lie with the chairman.
(5)  If the chairman uses a proxy contrary to rule 83, his vote with that proxy shall not count towards any majority under this rule.
(6)  Paragraphs (5) to (10) of rule 84 shall apply, with the necessary modifications, to the decision of the chairman under this rule as they apply to a decision of the chairman on entitlement to vote under that rule.
Adjournments
86.
—(1)  The chairman of the creditors’ meeting —
(a)
may, if the requisite majority for the approval of the voluntary arrangement (with or without modifications) has not been obtained or if for any other reason he thinks it fit to do so; and
(b)
shall, if it is so resolved by the meeting,
adjourn the meeting from time to time, except that such adjournment shall not be more than 14 days from the date of the first meeting.
(2)  If the meeting is adjourned, notice of the fact shall be given by the chairman to the court.
(3)  If, upon the expiry of 14 days from the date of the first meeting, the proposal is not agreed to by the meeting, it shall be deemed to be rejected.
Debtor to put nominee in possession of assets
87.  The debtor shall, after the approval of the voluntary arrangement, do all that is required for putting the nominee in possession of the assets included in the arrangement.
Chairman to prepare report
88.
—(1)  Upon conclusion of the creditors’ meeting, the chairman shall prepare a report and file a copy thereof in court within 4 days from the date of the meeting being held and the court shall cause that copy to be endorsed with the date of filing.
(2)  The report shall —
(a)
state whether the proposal for the voluntary arrangement was approved or rejected and, if approved, with what modifications (if any);
(b)
set out the resolutions which were taken at the meeting, and the decision on each one of such resolutions;
(c)
list the creditors (with their respective values) who were present or represented at the meeting, and how they voted on each resolution; and
(d)
include such further information (if any) as the chairman thinks it appropriate to make known to the court.
Notice of results of creditors’ meeting
89.
—(1)  The notice of the results of the creditors’ meeting shall be given to all the creditors who have been given notice of the meeting under rule 81(2), including those of such creditors who did not attend the meeting.
(2)  The notice shall be sent immediately after a copy of the chairman’s report is filed in court under rule 88(1).